The availability of loan apps has made the whole process of securing loans a whole lot easier. Loans apps have streamlined the process of acquiring loans to a few steps, which is a far cry from the lengthy procedures banks require. This article contains a list of best loan apps in Nigeria that don’t require Collateral.
Acquiring loans with loan acquisition services peered with mobile apps means you don’t have to leave your comfort zone. All it requires is a few taps and you are good to go.
Please note that the availability of Online Loan Aquision services doesn’t abolish the need to take loans from banks. Banks offer more money. The number of online loan acquisition services that offer loans up to 500,000 is quite limited.
It’s very convenient to say Loan apps are designed for enthusiasts who need to pick up small loans quickly without going through the kind of scrutiny banks require. If you do intend to take such quick loans, the list below contains a list of apps you should consider:
1. Carbon (Paylater)
Formerly know as Paylater, the Carbon loan app is unarguably one of the best loan app services available in Nigeria. It is one of the few loan apps services that offers loans up to One Million Naira. A Carbon loan attracts interest rates starting from as low as 5% monthly on the 1st loan
The process of acquiring quick loans with the Carbon is very easy. You are required to fill in your particulars, which includes your bank details. Your details will undergo a vetting, after which a decision will be made on how much you are allowed to borrow.
Repaying money lent from the Carbon service a bit earlier than normal increases your chances of being able to take bigger loans. It sought to create a reputation for you on the service.
Aside from taking monetary loans, Carbon can also be used to purchase airtime, TV subscriptions, electricity bills which you are expected to pay back later
2. Palm Credit
Palmcredit offers loans up to 100,000 Naira, which is to be paid between 91 days to 180 days. The steps to acquiring loans with the Palm Credit loan acquisition service is pretty much the same as that of the Carbon app. You are required to fill in your particulars including your bank details.
After your account is approved, you will be provided with an initial loan category, which indicates how much your loan you can take. You can now proceed to take loans with the service.
Loans taken with the palm credit service attracts an interest rate of 4% per month. So taking a 100,000 loan to be paid under 6 months means you will be paying back 124,000 Naira, due to the 4% interest attracted over the 6 months.
Palm credit also offers a system that lets the customer stand a chance of having a reduced interest rate if they pay back in time or earlier.
3. Fair Money
The fair money loan system makes taking quick loans as easy as making a few taps on your smartphone. It is one of the highly recommended online Loan acquisition systems available in Nigeria.
Fair money lets you take loans up to 50,000 Naira. Getting started with the Fair money system, you are required to fill in the form provided include your Phone number, BVN, and other particulars required. Loans can be paid back with a duration of 2 weeks to 3 months.
Fair money boasts of being able to deliver loans within 5 minutes after the loan is requested. It also has a reward system that offers customers 500 Naira for referrals.
The Fair money app is available on both iOS and Android platforms.
Branch is yet another highly recommended online loan acquisition service. It lets you take quick loans while avoiding rigorous activities. Aside from being available to Nigerians, it is also available to people living in India, Mexico, and Kenya.
Branch lets you take loans from 1,500 Naira to 150,000 Naira. Payback duration ranges from 4 – 64 weeks and the interest rate varies from 1% – 21% depending on the selected loan option.
The Branch app is available in the Google Playstore for free download.
5. Quick Check
Still, on the topic of best loan apps in Nigeria, Quick check is another loan app you should consider. It lets take quick loans from 1,500 Naira to 500,000 Naira. Your first loan attracts interest as low as 5%.
The Quick Check loan system also lets you take loans with payback duration from 4weeks to one year. It is one of the few online loan acquisition platforms that allow users to take loans up to a year.
The Quick Check app is available for free download from the Google Playstore.
Last but certainly not least is the X-Credit App. Similar to all the already mentioned services, Xcredit lets you take quick loans without having to tender collateral or any document. It offers a very quick method of obtaining loans.
Xcredit lets people loan from 5,000 Naira to 500,000 Naira with a period of 91 days to 180 days. X-credit is available for free download on the Google Playstore.
What Happens When I Refuse To Pay Up My Loan?
Different brands with different punishments. However, the likely hood of you having your bank account reported to other credit bureaus is 97% guaranteed. Getting loans from other platforms will be impossible. This can also go as far as having your name dented, after your future pursuit of job opportunities. Please endeavor to pay up when due.
The need for online loan acquisition systems cannot be overemphasized. This article portrays a list of the best loan apps in Nigeria that do not require collateral. If you have any personal favorites or other recommendations, feel free to drop them in the comment section below.